港中大MBA创业金融讲义BOverviewofNewVentureFinancing.ppt

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1、OVERVIEWOFNEWVENTUREFINANCINGOverviewofNewVentureFinancingChoosingtheorganizationformOneoftheearliestdecisionsImportantimplicationsforavarietyoffactors,includingtaxes,liability,succession,andabilitytoattractfinancingandemployeesInformationproblemsfacingentrepreneurandinve

2、storsEntrepreneur’sinfoaboutthevalueoftheopportunitymaybeincompleteanduncertainAsymmetricinfoaboutthevalueoftheideaandtheabilityoftheentrepreneurRiskofappropriationofintellectualpropertyUniquefeaturesforentrepreneurialfinanceNeedtangibleevidenceofthemarketpotentialandentr

3、epreneur’sabilityInstitutionofmilestonesWhatismilestone:specificandverifiableperformancebenchmarkse.g.completionofclinicaltests,productionofprototype,initiationofsales(asdemonstratedinIr-vcase)UniquefeaturesforentrepreneurialfinanceStagingoffinancingFundsnotmadeupfrontand

4、stagedandlinkedtoachievingmilestoneFinancingofonestagedoesnotcommitaninvestortofinanceadditionalstagesUniquefeaturesforentrepreneurialfinanceConcernoverappropriationofintellectualproperty–notethatthereputationoftheoutsideinvestorsfortrustworthinessisfarmoreimportanttothee

5、ntrepreneurthanisasignatureonanconfidentialityagreementMeasuringprogresswithmilestonesUnderstandthedifficultiesofforecastingcashflowsand/orprofitabilityatanearlystageMilestonesenablethepartiestopostponefinancialcommitmentsuntiltheyareneededandtoinjectfundswhenmeetingthele

6、velsofriskandexpectedreturnMeasuringprogresswithmilestonesMilestones–workinghypothesisabouttheventure>importanttounderstandthereasonsforfailingtomeetamilestone1stmilestone:concepttesting2ndmilestone:completionofaprototype–gainincreasedunderstandingoftechnologicalbottlenec

7、ks,manufacturingcostsandmaterialssupplyMore:firstfinancing,completionofinitialplanttests,markettesting,productionstart-up,firstcompetitiveaction…StagesofnewventuredevelopmentDevelopmentStartupEarlygrowthRapidgrowthExitExtensionoflifecycleSequenceofnewventurefinancingEarly

8、stage–personalsavingsandborrowingwhererepaymentdoesnotcountonsuccessofthenewventureBootstraptech